Nigeria’s Manufacturing Index Rises Further in November

0

By Nume Ekeghe

The Central Bank of Nigeria’s (CBN) Manufacturing Purchasing Managers’ Index (PMI) stood at 57.9 index points in November, indicating an expansion in the manufacturing sector for the 20th month.

The index grew at a faster rate when compared to the index in the previous month.

All the 14 sub-sectors surveyed reported growth in the review month in the following order: electrical equipment; furniture and related products; cement; food, beverage and tobacco products; paper products; transportation equipment; plastics and rubber products; chemical and pharmaceutical products; printing and related support activities; petroleum and coal products; fabricated metal products; non-metallic mineral products; textile, apparel, leather and footwear; and primary metal.

Also, at 59.9 points, the production level index for the manufacturing sector grew for the 21st consecutive month in November 2018.

The index indicated a faster growth in the current month, when compared to its level in the preceding month.

In all, 13 of the 14 manufacturing sub-sectors recorded increase in production level, while one remained unchanged.

At 58.1 points, the new orders index grew for the 20th consecutive month, indicating increase in new orders in November 2018. Eleven subectors reported growth, one remained unchanged, while two contracted in the review month.

The manufacturing supplier delivery time index stood at 56.9 points in November 2018, indicating faster supplier delivery time for the eighteenth consecutive month.

Twelve sub-sectors recorded improved suppliers’ delivery time, while one remained unchanged delivery times and one recorded worsening delivery time.

In addition, the employment level index in November 2018 stood at 55.4 points, indicating growth in employment level for the nineteenth consecutive month.

Of the 14 sub-sectors, seven reported increased employment level, six remained unchanged while one reported reduced employment level in the review month.

The manufacturing sector inventories index grew for the 20th consecutive month in November 2018.

At 58.7 points, the index grew at a faster rate when compared to its level in the October 2018.

Eleven of the 14 sub-sectors recorded growth, while three recorded decline in raw material inventories.